Yuexiu Property's (HKG:0123) non-wholly owned subsidiary, Wuhan Kangjing Industrial Investment, sold a 65% stake in Beijing Haizhen Real Estate to China Resources Land (HKG:1109) unit Beijing Runzhi Commercial Operations Management for 4.15 billion yuan.
Beijing Haizhen Real Estate owns the land use rights for a parcel under the Shantytown Renovation Project for the Gongde Temple Area in Beijing's Haidian district, according to a Monday filing with the Hong Kong bourse.
Upon completion, Beijing Haizhen Real Estate will no longer be a subsidiary of Yuexiu Property.
Yuexiu will use the proceeds to reinvest in its core business operations, the filing said.
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